An abnormal surge in the value of oil exports recorded in the first eight months has raised eyebrows and is the subject of “technical discussions” between the National Statistics Office and the Customs Department.

According to the head of the statistical agency, Michael Pace Ross, the NSO was “looking closely into the matter”. He ruled out that the increase was a result of the sale of oil stocks held in Malta.

“There could be various reasons for the increase but the NSO has no reason to believe that these exports were the result of stocks built up over a long period,” Mr Pace Ross said when asked to explain the substantial increase in oil exports.

The value of oil exports reached €457.2 million by August this year, an increase of €344.5 million when compared to the same period last year.

The Economist Intelligence Unit has questioned the figures in view of the fact that Malta is not an oil producing country.

Fuel exports are technically re-exports of fuel that is imported, possibly to be stored or recycled and then sold. However, the inexplicable increase in exports is not mirrored by a similar increase in the value of oil imports. Imports were valued at €436 million, up €134.7 million over the same period last year.

The abnormal increase in oil exports helped inflate Malta’s export figures in the first eight months, a situation which the EIU was critical of.

When asked about the nature of the talks with Customs, Mr Pace Ross said the technical discussions did not imply fuel had been imported illegally.

He said the NSO collected its data from the supplementary declarations provided by traders, recorded in a system known as Intrastat. This system is required under VAT legislation for intra-EU trade. Another source is the Customs Electronic System known as Extrastat for trade outside the EU.